XAI Whale Transfers $3.89 Million Worth of XAI to Binance

IconCryptoNewsTerminal Staff10 Jul, 2024

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XAI Whale Transfers $3.89 Million Worth of XAI to Binance

XAI, a layer-3 network for Arbitrum-based games, has seen a significant transfer of tokens from an address associated with the project. According to on-chain analyst ai_9684xtpa, an address beginning with 0xe4d transferred 1,101,000 XAI, valued at approximately $3.89 million, to crypto market maker GSR Market. This transfer was followed by a deposit of the same amount into Binance, one of the world's largest cryptocurrency exchanges. Prior to this transaction, the address had received 37,340,000 XAI from the project on January 8th, before XAI was listed on any exchanges. 25 hours before the transfer to GSR Market, the address sent 14,210,000 XAI to three separate addresses, suggesting that the tokens were being moved to GSR Market for sale. This transfer could indicate that the XAI team is preparing for a significant event or announcement. It is also possible that the team is selling off some of its XAI holdings to raise funds for further development or operations.

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